Daniel Ragonese: So just to recap on what happened. Crown came to market earlier in the week confirming that they are in takeover talks and Wynn subsequently came out the next morning and actually took this – took the deal off the table. One of the questions we've getting a lot is whether or not we think another bid may emerge. And while that may or may not happen. We prefer not to speculate.

So this offer was actually at $14.75 per share which is only marginally below our $15 per share fair value estimate. And while this would have been a good outcome for shareholders, for Crown shareholders that is. We're not disheartened and we still see a lot of upside at the current price and our valuation and our view on the company have not changed.

One of the things we really like about the stock is the attractive earnings growth outlook for Sydney. So Australia has been benefitting from strong inbound tourism particularly from China. And we see that continuing for the foreseeable future. With its luxury facilities in Melbourne and Sydney, Australia's two most popular tourist destinations. We see Crown well placed to benefit from this ongoing tailwind.

So just on Sydney specifically. In addition to taking market share from Star which is our base case expectation. We also think the appeal of that new casino is actually going to attract new players to the region and grow that local VIP market. Another attractive characteristic is Crown's pristine balance sheet. So as at the most recent financial results the company was in a net cash position and on our estimates even as it progresses with the construction of Sydney we still see the balance sheet being conservatively good.

So whether or not another bid emerges our view on the stock hasn’t changed. We still see it as an attractive company and we still see value at the current share price. So we maintain our $15 fair value estimate and our narrow moat rating